Learn About NACC
In this chronic we will present, in each issue, aboriginal organizations or organizations that offer services specifically to First Nations in various fields. We start this month by featuring the
Native Commercial Credit Corporation (NACC)
Established in 1992, NACC is one of 32 Aboriginal Capital Corporation created as part of an Industry Canada's program. Its mission is to «serve as a preferential partner in the economic development of Aboriginal communities through support of entrepreneurship in the following fields: financing, entrepreneurial development, advisory services and management support».
Financing
NACC has for mandate to offer commercial financing for small and medium Native businesses. In that regard any commercial business owned by individuals or organizations belonging to the Abénaki, Algonquin, Huron-Wendat, Micmac, Atikamekw Nations or to the Native Alliance of Québec inc., and who reside in the province of Québec can apply for a loan to : start a business, expand an already existing business or for a short term special assistance. The NACC can provide you with short, medium and long-term financing.
The promoter must invest 10% of total cost of the project. General ceiling per business is $250,000, depending on the capital available at the time the request is made.
Commercial Loans for Young Entrepreneurs
NACC also offers loans specific to young entrepreneurs (35 years old and younger). Just like regular loans, business owners have to be Abénaki, Algonquin, Atikamekw, Huron-Wendat, Micmac or member of Québec Native Alliance to be admissible. It can be a start-up project, expansion or acquisition of an existing business, seasonal or annual operations, full or part-time job creation.
The maximum loan amount is $15,000 and a possibility of a debt cancellation for the last 25% (according to the terms and conditions determined at the signing of the legal documents).
Before submitting the project, the young promoter has to go through certain steps such as assessment of entrepreneurial potential and prepare a business plan.
Submission of a project
In both instances, for a regular loan and a loan for young entrepreneur, the promoter must contact NACC personnel for information about submitting a project. After the required documents have been received, the file will be analyzed and the promoter informed of the decision. If it is positive, then the required documents will be prepared.
Advisory Services
NACC offers coaching and support services to entrepreneurs for their rehabilitation, development or exportation projects.
Consultation Services
The organization also offers consultation services to private, aboriginal or governmental organizations. Its main areas of expertise are development of programs and ideas related to entrepreneurship and financing, analysis of business projects, off-site administrative and financial management services, project management, organization of workshops and special events.
How to contact NACC
NACC personnel can be reach at 418.842.0972 or 1.800.241.0972 or by email at: administration@socca.qc.ca
NACC also has two external offices to better serve its clientele. Mrs Annie Gareau is the Officer responsible for the Abitibi-Témiscamingue, Outaouais et Grand Nord bureau . She can be reach at :
Tel : 819.824.0972
Fax: 819.824.8020
Email:
Agareau@socca.qc.ca
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